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“We must build a Belgian giant”, Georges-Louis Bouchez proposes merging Belfius and Ethias

10/07/2025
In brief

Georges-Louis Bouchez refuses to sell Belfius to plug budget gaps and proposes merging Belfius and Ethias to create a “Belgian giant” bank-insurer, powerful and profitable, serving the national economy. According to him, a stock market listing should only come afterwards, once this large group has been consolidated, to maximise profits for the State.

Should part of Belfius be sold to meet the State's budgetary needs? The question resurfaces in public debate as rising military spending calls for new revenue.

“Sell Belfius now? That's a no,” says Georges-Louis Bouchez in an interview with La Libre. For him, the priority must be creating a large Belgian financial group by merging Belfius and Ethias. Two complementary entities, with the same type of customers, strong public roots and a wide territorial network. Together, they could form a substantial, profitable, competitive bank-insurer, better valued over time.

And afterwards? Yes, a stock market listing could be considered, but at the right time, once the group is consolidated. It would then be a coherent IPO, with maximum profit for the State shareholder. In the meantime, keeping Belfius means preserving a strategic tool that generates dividends and can support future investments.

As for concerns about the location of Ethias's headquarters in Liège, the MR President offers a sensible answer: short-term guarantees can be given, but they must not hold back an industrial project of national scale.

For the MR, Belgium needs economic strength, not short-term liquidations. That is why Georges-Louis Bouchez champions a vision: that of a strong, profitable Belgian champion serving the country.

Read in La Libre

Automatically translated from French. Read the original